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WHAT ARE PAYDAY LOANS? > Quick payday loans, cash loans, cash advances, and short-term payday > loans all refer to easy loans which are very popular among > individuals who have bad credit or financial standing. Others think > about this type of loan as their tool to solve urgent financial

> needs.

Applying for payday loans is easy. There is a cash payday loan form available on the side of this page that can be filled up by interested individuals in order to get started. Once the payday loan or cash advance application has been deemed good for approval, a payday loan lender will contact you. If you will fail to qualify for any of the payday loans offers here, we will be willing to help you search for other financing options. PAYDAY LOAN OR CASH ADVANCE TERMS AND PAYMENT PERIODS The name of this loan could be explained by its main feature that adjusts payment terms based on the usual arrival time of paychecks of individuals. Under normal circumstances, this is two weeks. Online payday loan lenders expect that upon the arrival of their paychecks on payday, borrowers will be able to provide agreed payments. However, even if the name of the payday loan or (cash advance loan) itself suggests a specific payment period, repayment terms are often modified according to every borrower’s case. Payday loan lenders have the job of determining a borrower’s capacity to pay. He or she will then prepare customized payment terms and periods. CURRENTLY, PAYDAY LOAN PERIODS COMMONLY ENCOUNTERED ARE AS FOLLOWS:

* TEN DAYS

* TWO WEEKS (MOST PAYDAY LENDERS USE THIS PAYMENT PERIOD) * THREE WEEKS ONE MONTH + 1 DAY

* TWO MONTHS

* SIX MONTHS

It is common to find payday lending entities imposing the two-week pay period. However, it is also common to see payment terms extending beyond this indicated time. It must be noted that it is rare for online direct payday loan lenders only to offer payment terms

exceeding a month.

THE ROLLOVER POLICY ON PAYDAY LOANS IN AMERICA > A payday loan or cash advance service providers usually have this > rollover policy for those who will have difficulties in making > payments within the agreed time. The mechanism of a payday loan rollover is easy to understand. The borrower is simply given more time (another two weeks) to pay the agreed amount plus an additional charge. A GOOD EXAMPLE OF PAYDAY LOAN RATES AND FEES IS DESCRIBED BELOW: Mr. X borrowed a hundred dollars for a fee of $15. At the end of the agreed payment period of two weeks, he should pay $115. However, Mr. X failed to pay the said amount after two weeks. The payday loan lender offered to extend Mr.X’s payment period for another two weeks but he will be obliged to pay an additional $15. This rollover policy means that after a total of 4 weeks, Mr. X will have to repay the $100 plus a total charge of $30. THE COST OF PAYDAY LOANS Most payday loan companies charge a flat rate of $15 for $100. If this will be correlated with the usual payment period of 15 days, it means that they are actually charging a dollar per day. Of course, this will depend on individual borrowers’ cases as well as the policies of each state. Among payday loan lenders today, the following costs of service can be observed: * $15 CHARGING ($100 PAYDAY LOAN AMOUNT) * 15% OF THE SHORT TERM LOAN AMOUNT GRANTED * 20% OF THE PAYDAY LOAN AMOUNT GRANTED THE APR ON PAYDAY LOANS Many payday loan advertisements out there today show a 3-digit interest rate. Of course, this is normal and could be explained by the Federal Government’s mandate with regard to APR or annual percentage rate. According to this mandate, interest rates of payday loans should be expressed in APR figures. To put it simply, the APR is the total interest that will be charged if the payday loan will be paid in a period of 365 days or 1 year. It is a percentage that shows how much the payday loan will cost if the payment period has been extended for the number of days indicated

above.

THE FORMULA FOR THE CALCULATION OF APR IS AS FOLLOWS:

_ / TERM OF

PAYDAY LOAN IF AN INDIVIDUAL WILL BORROW $100 AND HE AGREED TO A LOAN COST OF $15 FOR TWO WEEKS, THE COMPUTED APR WILL BE AS FOLLOWS:

/ 14 DAYS = 391%_

The APR of payday loans results in three figures because it is computed every two weeks. Remember that the two-week term is common among payday loan lenders. Those who are aiming to find ways for low-cost financing for their urgent cash needs will usually get shocked or confused upon seeing such APR figures. As mentioned earlier, the usual option for borrowers is the 2-week term. This opens up the argument that there is no logic in expressing the cost of payday loans through APR numbers. Financial experts are pointing out today that instead of APR, the cost of the payday loan should be stated in a simple way (interest by actual term). The principal amount of the payday loan, rate of interest, and the number of payment terms should all be multiplied to get the figure mentioned above. If Mr. X will take out a loan of $100 charged at $15 for 1 term (2 weeks), the computation for simple interest should be: _PRINCIPAL AMOUNT OF LOAN X INTEREST RATE X NO. OF PAYMENT TERM  OR

$100 X 0.15 X 1_

The final result will be only 15% which is already very small if the aspect of personal loan capability will be put into consideration. This rate is so small that financial experts can make an easy argument that payday loans are among the most practical sources of financing for those who have immediate cash needs today. An alternative way to get a fast cash payday loan is to overdraw one’s bank account. However, if this will be charged at $36, the resulting APR will be at 5000% which is a far cry from what has been computed for payday loans above. Based on these data, one could generalize that a payday loan is a more practical way of acquiring money for urgent needs. HOW A BORROWER GETS QUALIFIED FOR PAYDAY LOANS ONE OF THE REASONS WHY PAYDAY LOANS ARE SO POPULAR EVEN IF THEY ARE COSTLY IS THAT THE QUALIFICATION PROCESS CAN BE PASSED WITH GREAT

EASE.

Payday loan lenders who offer payday loans online can be tagged as “careless” because they readily approve applications from people with bad credit histories. In fact, even those with no credit scores can also qualify for such payday loans. These are more than proofs that these payday loan lenders have little regard for credit score or the credit history of an individual. It is common for them to skip the process of doing credit checking on those who are applying for payday

loans.

If you are aiming to apply for a payday loan, the basic requirements include proof of a source of income, bank book, or account, and is of legal age (18 and above). The proof of having a source of income will assure the direct payday loan lender that the individual will have the means to repay the amount being borrowed. Income can be sourced out through gainful employment, benefits, or other means. A bank account is needed because most payday lenders today operate online. This means that if the application for the loan will be approved, money can be immediately deposited on the borrower’s account. Online banking is beneficial for both the direct payday loan lender and the borrower. The risk of issuing and carrying cash around is eliminated. The process of depositing money will also be shorter. There are instances wherein transactions take only a couple of hours

to be completed.

The age requirement is there for very obvious reasons. The biggest one is that the borrower will have to sign legally binding contracts. Such contracts will only be valid if the signatories are at the legal age. WHAT MAKES PAYDAY LOANS SO ATTRACTIVE? > Ease of access is the first and most desired benefit that borrowers > could enjoy from payday loans. This is apparent from how easy it is > to get approvals on payday loan applications. On an annual basis, as many as 12 million US citizens (of legal age) make use of the services of payday lenders offering payday loans online. The demand is high because people know that they can easily qualify for such credit cash payday loans. There are usual sources of financing for those who have urgent financial needs. These include banks, credit unions, and privately owned lending companies. However, good credit scores and histories are required by these financing entities. While family members and friends could also offer help in such scenarios, the financial history of an individual could make them think twice about helping. Sources of money are definitely there but the problem lies in how an individual could get access to it. This is where the services of online payday loan lenders become useful. _SETTING ASIDE THE ASPECT OF ACCESSIBILITY, OTHER BENEFITS THAT INTERESTED INDIVIDUALS CAN GET FROM PAYDAY LOANS ARE AS FOLLOWS:_ * BORROWERS WILL NOT BE SUBJECTED TO FINANCIAL DISCRIMINATION. The practice of direct payday loan lenders to check credit history is skipped. This is the reason why even individuals with bad credit score can get payday loan approvals with ease online or at the store. Learn more about how to apply for cash loans in America with bad credit

history.

* THE PROCESS OF PAYDAY CASH LOAN RELEASE IS EASY AND FAST. Since transactions are done online or in store, cash loans are usually transferred to the account of the borrower within 24 hours after the approval of the payday loan. * EMPLOYMENT IS NOT A REQUIREMENT FOR PAYDAY LOAN APPROVAL. As long as an individual could provide proof that he or she has a steady source of income, approval will be granted. * NO ONE WILL EVER KNOW THAT YOU HAVE AVAILED OF ONLINE PAYDAY LOANS. Direct payday loan Lenders have high regard for the privacy and security of their clients. * TRANSACTIONS ARE LEGITIMATE. Payday loan entities are regulated by the Federal Government through the Consumer Financial Protection Bureau (CFPB). Direct payday loan lender licensing is mandatory and this provides a tough layer of protection for their clients. TARGET CLIENTS OF PAYDAY LOAN DIRECT LENDERS There is an existing idea among us that payday loans are exclusively for those who come from low-earning families. However, past and current data clearly disprove such a notion. Based on the Jefferson Institute survey, even those who belong to the middle class are finding payday loans very useful for their needs. It seems that their earnings (ranging from 25 to 50 grand) don’t make them immune to

financial problems.

A payday loan or cash advance loans don’t require credit scores. This is convenient for both low- and middle-income families who have been hit hard by the most recent recession. In addition to this, there are no restrictions as to where and how granted loans should be used. Just think through these examples: car loans should be used to finance car related needs, housing loans must be used for purchase or leasing of houses and student loans must be allocated for school-related needs. The use of payday loans is up to the borrower. He or she can spend it on anything! A 2012 study indicated that 69% of those who availed of cash advance services used their money for payment of utilities, various bills, home rentals, and groceries. The remaining percentage used their payday loan for unforeseen but really urgent needs such as car repairs and hospitalization. THE RIGHT WAY TO CHOOSE A PAYDAY LOAN LENDER BASICALLY, THERE ARE TWO POSSIBLE WAYS ON WHICH AN INDIVIDUAL CAN AVAIL OF PAYDAY LOANS: USE THE INTERNET TO LOOK FOR AND APPLY FOR LOANS OR VISIT OFFICES OF LENDING COMPANIES AND TRANSACT ACCORDING TO

NEED.

Since there are many existing payday lenders out there, it is important for an individual to know which one to trust and choose. During the process of selection, one should pay attention to the details of the website, compare offers across the market, and determine which one is most convenient to transact with. It is normal to end up with a lot of options on your list. Before making a final decision, you should explore the advantages and

disadvantages.

ONLINE PAYDAY LOAN APPLICATIONS In terms of efficiency, payday loans are considered to be most desirable among borrowers today. Online lending sites don’t have office hours. There are no long lines or crowded offices to deal with. The best thing with online payday loan applications is that it can be done even when you are at home. GOING FAXLESS WITH PAYDAY LOANS A payday loan or cash advance lenders used to have this practice of requiring prospective borrowers to submit certificates of employment and bank passbooks. This has been replaced with payday loans that come with “faxless” feature. There are apps that allow Payday Loan lenders to get information from their prospective clients. The use of an online form that should be filled up by borrowers eliminates the need to fax pertinent documents to the direct payday loan lender. HOW TO CHECK LEGITIMACY Borrowers have to be mindful of the legitimacy of the lending websites they are accessing, especially if they are providing personal or financial information. There are credentials that could be checked in order to make sure that the site is providing enough safety and security for visitors and frequent users.

THESE INCLUDE:

* 1. BBB CREDENTIAL, RATING, OR REVIEW * 2. CERTIFICATE FOR THE SECURITY OF THE WEBSITE * 3. TOA OR TERMS OF AGREEMENT 4. DETAILED PRIVACY POLICY STATEMEN * 5. DISCLAIMER AND DISCLOSURE STATEMENT * 6. ACTIVE CONTACT NUMBER/S * 7. AN OFFICE OR COMPANY ADDRESS STOREFRONT LENDING ESTABLISHMENTS Payday loan lenders with storefront establishments were the first to offer payday loans to borrowers with bad credit scores. While online lending services have greatly grown in terms of popularity, there are still many storefront lenders existing today. These establishments are often located in areas as permitted by the law. The efficiency of services of storefront payday loan lenders is less when compared with their internet-based counterparts. THE REASONS ARE AS FOLLOWS: * _HARD COPIES OF DOCUMENTS (EMPLOYMENT AND BANKING) ARE REQUIRED BY PAYDAY LOAN LENDERS _ * _SCANNING AND FAXING OF DOCUMENTS IS A COMMON REQUIREMENT_ * _THE SUBMITTED DOCUMENTS WOULD UNDERGO A VALIDATION PROCESS_ These establishments also require a post-dated check from the borrower as an assurance that payments will be made on time. There will be an agreement stating that the check will be deposited after the payment’s due date has taken effect. Online payday loan lenders don’t require this because they have access to the checking account of the client from which deposits and withdrawals can be made within

specified dates.

RISKS AND ISSUES TO DEAL WITH PAYDAY LOAN LENDERS Even if the benefits of payday loans are tremendous, borrowers have to realize that there are significant risks and issues that come with such payday loans. The controversies that originated from this explain why payday loans are almost always mentioned in the news. The cost and rollover feature of payday loans can get an individual trapped up in

debts.

There are terms that are used to describe such scenarios. THESE ARE AS FOLLOWS:

* DEBT CYCLE

* LOOP OF DEBT

* DEBT TRAP

* QUICKSAND OF DEBT

While the terms mentioned above vary, they all refer to the accumulating balance that an individual has to deal with. Each rollover on the payday loan equates to more difficulties in getting the full balance paid. As an example, a $100 payday loan should be settled with a $115 payment. If there will be successive rollovers, the amount will grow to $130, 145, $160, and more. For every term that the borrower fails to pay up, there will be an increase of $15 on the actual amount that is owed. This could easily get out of control and result in a cycle of debt that an individual will have trouble ending. LAWS THAT GOVERN PAYDAY LOANS There are efforts from the government that is aimed to curb payday loan risks. These are evidenced by the passing of laws that govern such loan types. In general, these laws have regulated aspects of zoning, interest rates (capping), rollovers, and service banning in

specific states.

If you happen to live in one of those areas where a payday loan ban is in effect, don’t expect approval on your payday application. This is even if the application was submitted using online facilities found in

a separate state.

PAYDAY LOANS FOR MILITARY PERSONNEL Each US state has laws that protect its citizens from payday loan lender abuse. However, the federal government exerted an all-out nationwide effort to provide loan shark protection for its military personnel. In 2007, the MLA or Military Lending Act was passed. This regulated the number of payday loan lending establishments in areas near military installations and bases. Payday loan offers for uniformed personnel may be rare but are not impossible to find. Payday Lenders who will accommodate military payday loan applications usually charge less and offer longer payment terms. This makes payday loans look more like personal loans that are unsecured. Read more about a personal loan with bad credit history. WHAT CAN REPLACE PAYDAY LOANS? Borrowers are often aware of the issues and risks that come with payday loans and this led them to think twice about applying for such payday cash loans. However, there will always come a time when they will really have this urgent need for a fast and easy cash loan that can only be solved by a payday loan. Luckily, financial experts have presented some viable alternatives for this type of loan. These alternatives payday loans are easy to understand. However, only one or two of them will fit into the actual needs of an individual. CONSIDER THE FOLLOWING:

INSTALLMENT LOANS

THIS IS IDEAL FOR THOSE WHO NEED LARGE AMOUNTS OF MONEY THAT CAN BE REPAID OVER LONGER PERIODS OF TIME. Payments are fixed and resemble personal loans amortization. While this is beneficial for a borrower, getting approval on an application is difficult. Learn more about how to apply for bad credit tribal installment loans

.

CAR TITLE LOANS

THIS LOAN REQUIRES A BORROWER TO USE HIS OR HER CAR AS COLLATERAL. This is a risky move but practical if an individual is sure that payments can be made on time and completed successfully over the term being offered by the Title Loan lender. Read how to apply for a title loan with bad credit.

SHORT TERM LOANS

(Bank or Credit Union-Based Loans) – THIS TYPE OF LOAN IS SOMEWHAT SIMILAR TO A PAYDAY LOAN. However, an individual will be required to become a member of the bank or the credit union before being granted access to this type of credit cash loan. Learn more about how to edit your credit history. Read how to apply for payday loans with no credit check or even with bad credit history. PAYDAY LOANS NEAR ME - DIRECT LENDERS IN YOUR STATE:

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*  California

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